New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4227 - Child Care Facilities Construction Program
Section 4227.4 - Child care construction grants

Current through Register Vol. 44, No. 38, September 21, 2022

A proposed project shall be eligible for assistance from the corporation in the form of a child care construction grant, provided that:

(a) Eligible project. The proposed project constitutes an eligible project.

(b) Eligible recipient. The applicant for assistance from the corporation shall be an eligible recipient.

(c) Eligible costs. The child care construction grant shall be used for general project development costs, including, but not limited to:

(1) the acquisition, design, construction, improvement or renovation of the site;

(2) the purchase of items of machinery and equipment necessary for the implementation of the proposed project; and

(3) in the case of interest subsidy grants, interest expense incurred by the applicant in connection with a loan from a private sector lending institution.

(d) Construction and permanent financing. The child care construction grant may be used for either construction or permanent financing of eligible costs of an eligible project.

(e) Ineligible costs. The child care construction grant may not be used to finance any expense incurred prior to the initiation of the application process for assistance from the corporation under the program. For an otherwise eligible project, however, such expenses may be taken into consideration in determining total project costs.

(f) Levels of funding. The maximum amount of assistance from the corporation in the form of a child care construction grant shall not exceed the following:

(1) eighty percent of total project costs, in the case of eligible projects located in highly distressed communities;

(2) sixty-five percent of total project costs, in the case of eligible projects located in economically distressed areas; and

(3) fifty percent of total project costs, in the case of eligible projects located in areas that are neither highly distressed nor economically distressed areas.

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